SCM 4380 Exam Practice Questions And Correct Verified Answers Success Guaranteed.
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Module
SCM 4380
Institution
SCM 4380
Financial Accounting - correct answer Details the ASSETS a company OWNS
Details the LIABILITIES a company OWES
Three primary external financial statements - correct answer 1. Balance Sheet - Shows assets, liabilities a...
SCM 4380 Exam
Financial Accounting - correct answer Details the ASSETS a company OWNS
Details the LIABILITIES a company OWES
Three primary external financial statements - correct answer 1. Balance Sheet -
Shows assets, liabilities and equity
2. Income Statement - shows revenues, expenses, gains, and losses | Bottom Line: net income or net
loss
3. Statement of Cash Flow - Describes how cash comes into a company and how it is used
Balance Sheet - correct answer Demonstrates the balancing of debits and credits
- Double entry accounting
Cash account increases - correct answer Money coming in
Accounts payable increases - correct answer Money going out
In ERP SIM we used double entry accounting when - correct answer Purchasing or
upgrading equipment using transaction FB50
Total Assets must equal - correct answer Total Liabilities + equity
Total ASSETS - correct answer What a company owns
, Current Assets - correct answer quickly converted. to cash
Examples
-Cash
-Inventory (finished goods and raw material)
-Accounts Receivable (money customers owe you)
Long Term Assets - correct answer difficult to convert to cash
Examples
-Land(not depreciable)
-buildings and depreciation
-Machinery and depreciation
Total Liabilities - correct answer What a your company owes and equity
Current Liabilities - correct answer Cash that will be leaving your company quickly
(typically within 1 year)
Accounts payable - correct answer Money you owe to suppliers
Long term liabilities - correct answer Cash that will leave your company slowly
(typically longer than 1 year)
-Bank loan
Total Equity - correct answer Value owned by the share-holders also known as the
company's "book-Value"
Examples
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